Local gold prices dropped to over 2,200,000 kyats per tical on October 1 and rose to over 2,700,000 kyats on October 5, increasing by over 500,000 kyats per tical, gold traders told Than Lwin Times.

Domestic gold prices increased again along with the dollar price and the price of gold globally. These days, the price of an ounce of gold has increased from about USD 1660 to USD 1720.

"If the authorities can manage the domestic dollar price, the price of gold will decrease, and the market's demand for gold is now low," according to a representative of the Yangon Region Gold Entrepreneur Association.

Although the dollar and world gold prices fall, there will be a decrease in gold prices, but currently, the situation is difficult to predict, gold traders say.

 According to gold traders, the military council is selling gold coins and gold bars to lower the price of gold, but they are selling at open market prices, not reference prices, so gold prices will not fall as expected.

Domestic gold prices rose to a record high of over 3,500,000 kyats per tical in August with price volatility during the military coup.